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Russia to lead global new-build underground gas storage capacity growth by 2023

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Russia is expected to drive the growth in the global underground gas storage industry between 2019 and 2023, contributing around 32% of the working gas capacity growth from planned and announced projects, according to GlobalData.

Russia to lead global new-build underground gas storage capacity growth by 2023

The company’s report: ‘Global Capacity and Capital Expenditure Outlook for Underground Gas Storage – Turkey Leads Global New-Build Gas Storage Capex’ reveals that Russia’s underground gas storage sector is expected to have a working gas storage capacity of 780 billion ft3 by 2023 from planned and announced projects.

Ashwin Gupta, Oil & Gas Analyst at GlobalData, comments: “In Russia, 10 planned and announced gas storage sites are expected to start operations by 2023. Of these Stepnovskoe II, Bednodemyanovskoye I, and Kanchurinsko-Musinsky Complex II are the key projects in the country with a working gas storage capacities of 199 billion ft3, 177 billion ft3 and 167 billion ft3, respectively.”

GlobalData identifies Turkey as the second largest country in terms of new-build underground gas storage capacity growth by 2023. The country is expected to add 375 billion ft3 of working gas capacity by 2023 from the seven planned and announced underground gas storage site during the outlook period.

Italy stands third in terms of global working gas storage capacity growth, during the outlook period. The country’s underground gas storage sector is expected to witness start of operations of 15 new-build underground gas storage sites, with a total working gas storage capacity of 249 billion ft3 between 2019 and 2023.

Read the article online at: https://www.tanksterminals.com/storage-tanks/04062019/russia-to-lead-global-new-build-underground-gas-storage-capacity-growth-by-2023/

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